The Latest SPAC News and Rumors: March 30, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: SPACs face new threat from SEC, WeWork promotes CEO to chairman, and AMC eyes more strategic deals after stake in Hycroft
SPACs Face Fresh SEC Legal Threat for Overly Bullish Forecasts
SPAC sponsors who embellish projections about the companies they plan to take public face a new threat in a plan from the U.S. Securities and Exchange Commission.
Wall Street’s main regulator will propose curbing the legal protections that some blank-check companies have relied on to make bullish forward-looking statements about the firms they plan to merge with, according to people familiar with the matter who requested anonymity because the plan is not yet public. The regulation, set to be released on Wednesday as part of a broader set of SPAC rules, would clarify that investors can sue over inaccurate special purpose acquisition company forecasts.
READWeWork Board Promotes CEO to Chairman and Adds a SoftBank Partner to Board
WeWork Inc. (NYSE:WE) appointed a new board member from SoftBank Group Corp. to replace the seat held by the investor’s former operating chief, Marcelo Claure. In addition, WeWork Chief Executive Officer Sandeep Mathrani was also named as chairman, a position formerly held by Claure.
The new director is Saurabh Jalan, a partner at SoftBank Group International. Jalan has worked at the Japanese conglomerate since 2015 and now oversees large global investments including SoftBank’s stakes in WeWork, T-Mobile US and Deutsche Telekom AG, according to a statement from WeWork.
BowX Acquisition Corp. secured shareholder approval of its combination with WeWork in October.
READAMC Entertainment Eyeing More Strategic Deals After Stake in Hycroft
AMC Entertainment (NYSE:AMC) has stated that it was planning more “transformational” deals in the merger and acquisition space. Indicating a future roadmap, AMC Entertainment CEO Adam Aron said that the company would be making more strategic investments in other firms as it did for Hycroft (NASDAQ:HYMC). The announcement has come after AMC invested $28 million in Hycroft, a gold and silver miner.
Earlier this month, Hycroft has said that AMC would invest $27.9 million in cash in Hycroft to acquire its 23.4 million units. Hycroft went public only in 2020 through a merger with Mudrick Capital Acquisition Corporation.
READWallbox Announces Nationwide Partnership with City Electric Supply
Wallbox (NYSE:WBX), a leading provider of electric vehicle (EV) charging and energy management solutions worldwide, today announced a partnership with City Electric Supply (CES). Under this partnership, the family-owned electrical wholesale distributor has officially started to sell the 48 Amp version of Wallbox’s award-winning smart home EV charger, Pulsar Plus, along with its Smart Power Meters and Pedestals online and in over 535 stores nationwide.
Kensington Capital Acquisition Corp. II completed its combination with electric vehicle (EV) charging station provider Wallbox on September 30, 2021.
READRed Sox Become First Carbon Neutral Fan Experience in Baseball with Aspiration
The Boston Red Sox, one of the best-loved sports franchises in the world, and Aspiration, the global leader in sustainability as a service, today announced that they have created a historic partnership to neutralize the greenhouse gas emissions of Red Sox fans attending games at Fenway Park in Boston, MA, through Aspiration’s Sustainable Impact Services and Planet Protection feature. Aspiration will serve as the official sustainability provider for the team in a deal that will mark the Red Sox as a climate leader in Major League Baseball.
Aspiration recently entered into a merger agreement with InterPrivate III Financial Partners Inc. (NYSE: IPVF), a publicly-traded special purpose acquisition company.
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